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HSBC to buy 73 % in IL&FS Investsmart (1)   17-May-08 20:48Tracked by (0)  
Posted by:   stox & more on ( 17-May-08 20:48 )
HSBC said on Saturday it will acquire 73.21 percent of Indian brokerage IL&FS Investsmart in an all-cash deal for $261 million to boost its presence in the growing domestic market. Foreign banks and companies have been queuing up to open shop in India to tap into rising savings of a growing middle class and lured by the country's attractive fees and a booming economy.

*REUTERS
ET courtesy*
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